Sunday, 8th November 2009

 

19 August 2008 - Press Briefing

Former UBS manager sees hedge fund plummet 85%

SRM Global Master Fund, the two-year-old hedge fund established by former UBS trader Jonathan Wood, has lost 85% of its value from its inception through July, sources said, according to a report in The Wall Street Journal.

The fund, which raised about $3bn (€2bn) during its launch in September 2006, is believed to be down about 77% through July, which comes on top of a nearly 34% decline last year.

SRM Global, whose portfolio includes large equity positions in companies involved in mergers, financial restructurings and other corporate actions, has suffered from its misplaced bets on several high-profile financial institutions such as Bear Stearns, Countrywide Financial and Northern Rock.

It has a lock-in period of five years for investors.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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